Drafting a will is not as easy as ABC. There are some things that you need to take into account so you can have last will and testament that is fair and legally-binding. If you are on the process of drafting one, you may need to read on this list first and know what are the things that you need to prepare:
- Your documents
If you are not a resident in Dubai or any other location in UAE, you may need to have some of your documents attested and authenticated. You need to go through this process to ensure that your papers will be accepted in any government and private agency in Dubai. If you have gone through the process, you might want to check if the document attested is still valid for use. If not, you might need to authenticate them again.
There are service companies that offer certificate attestation in UAE to clients. Just ask your lawyers what documents would need to be attested and processed.
- Review of your assets and properties
After getting all the necessary documents processed and attested, you may now proceed to reviewing your assets and estates. Wills in Dubai requires that all properties and assets should be listed and taken into account before dividing them to your trustees. So you don’t miss anything, be sure to have a complete list of assets, properties and estates that will be subject to inheritance distribution. You may need to consult a number of people to get this information. Be sure to get the full details of these assets like the amount and the condition of these assets and properties.
- Solving the estate taxes
One of the things that you need to figure out is how are you going to lessen the estate tax of your properties for the sake of your trustees and executor. Some property owners are not that mindful of these things. In the event of the client’s demised, the trustees would be the ones to shoulder the mounting estate tax which can be financially draining. Settle this before you draft your will. It would be best to check with a financial planner to see how you can lessen it and what legal provision should be included to make this happen.
- List of trustees and representatives
This might be the hardest part for you so be sure to allot time for this. Get the list of all your trustees that will be included in the will. This is the part wherein you need to decide what and how much to give each of these trustees. The key here is to give them what is due to them and be fair with the distribution.